Heliostar Metals (HSTR) investor relations material

Executive summary

• Achieved record Q3 2025 production of 9,165 gold-equivalent ounces and sales of 7,709 ounces, meeting production and financial targets while generating strong cash flow and reinvesting in exploration and development projects.

• Maintained a robust financial position with $34.6M in cash, $46.7M in working capital, and no debt as of September 30, 2025.

• Significant progress on exploration and development, including technical studies for La Colorada and Ana Paula, and advancing the restart of San Agustín.

• On track to meet annual production guidance of 31,000–41,000 GEOs for 2025, with a clear pathway to 300,000 ounces from current assets and ambition to reach 500,000 ounces annual production by decade's end.

Financial highlights

• Q3 2025 revenues reached $26.8M, with mine operating earnings of $14.2M and operating income of $14.2M.

• Produced 9,165 gold-equivalent ounces and sold 7,709 ounces in Q3 at a realized price of $3,486/oz, generating a $1,661 profit margin per ounce.

• Cash costs were $1,500/oz and AISC was $1,825/oz for Q3 2025, both within guidance.

• Ended Q3 with $34.6M in cash, $46.7M in working capital, and no debt.

• YTD 2025 production was 25,642 GEOs, with YTD cash cost of $1,405/oz and YTD AISC of $1,799/oz.

Outlook and guidance

• Annual production guidance for 2025 remains 31,000–41,000 GEOs, with cash cost guidance of $1,800–1,900/oz and AISC of $1,950–2,100/oz.

• San Agustín AISC expected to rise to ~$3,000/oz in Q4 due to restart costs, then normalize in 2024/2026.

• La Colorada and San Agustín expected to generate $100–$150 million in cash flow before Ana Paula construction.

• Ana Paula targeted for commercial production in 2028, with feasibility and permitting steps underway.

• Ceredigaya/Cerro del Gallo PFS expected in Q4/December, potentially doubling company resources.